XRP Flying, Volume Spikes 2X As Ripple Buyers Target $1

XRP is outperforming top altcoins and Bitcoin, based on price action in the daily chart. After the bounce on July 8, the coin has been edging higher, adding an impressive 50% when writing. Most crucially, the coin is turning around and is officially within a bullish breakout formation following gains of July 16. As things stand, buyers have the upper hand. Once more, prices are above a multi-week consolidation after the collapse in mid-April.

With XRP galloping higher, the coin is stretching gains versus BTC and ETH. So far, it is up 12% in 24 hours against the greenback, extending them to over 37% in the previous week. As XRP clear liquidation levels, the resulting short squeeze is pushing volume higher. In the past 24 hours, it now stands at over $3.3 billion, more than 2X the average of the last two weeks.

The following XRP and Ripple news developments are worth tracking:

• XRP recently broke above a critical resistance level. With the breakout, analysts now claim the next stop is $1 as buyers of Q1 2024 push prices to new highs.
• Ripple CEO Brad Garlinghouse thinks the landmark ruling of July 13, 2023, was massive for XRP and the broader industry. In his view, it remains a “core memory.” Still, the case continues and will likely be settled in the coming days.

XRP Price Analysis

XRP/USD is flying at press time.

As it is, the coin is stretching gains versus ETH and BTC, backed by rapidly swelling trading volume.

In a bullish breakout formation, traders might consider longs.

This position remains as long as prices remain above $0.55.

The immediate target will be $0.66 and later $0.74.